The charges against Bankman-Fried include wire fraud, money laundering, and violations of the Bank Secrecy Act. In addition, Bankman-Fried is accused of violating political contribution laws by donating to candidates and committees in New York under false names.The U.S. Attorney’s Office for the Southern District of New York alleges that Bankman-Fried diverted more than $50 million in customer funds from FTX to purchase real estate, donate to political campaigns, and make risky trades at his cryptocurrency hedge fund trading firm, Alameda Research.The U.S. Attorney’s Office is seeking to recover the funds and is also asking for a forfeiture of Bankman-Fried’s assets.
Sam Bankman-Fried, the founder of the now-bankrupt cryptocurrency exchange FTX, pleaded not guilty to charges of defrauding customers out of millions of dollars worth of digital assets in Manhattan federal court on Tuesday.
Bankman-Fried, 30, was accused of illegally diverting customer funds from FTX to purchase real estate, donate to political campaigns, and make risky trades at his cryptocurrency hedge fund trading firm, Alameda Research.
The U.S. Attorney’s Office for the Southern District of New York alleges that Bankman-Fried diverted more than $50 million in customer funds and is seeking to recover the funds and a forfeiture of Bankman-Fried’s assets.
Bankman-Fried’s attorney, Mark Cohen, announced his client’s plea of not guilty to all counts, including wire fraud, money laundering, and violations of the Bank Secrecy Act. In addition, Bankman-Fried is accused of violating political contribution laws by donating to candidates and committees in New York under false names.
Wearing a backpack, Bankman-Fried marched through a sea of cameras as he entered the Manhattan courthouse on a rainy day to stand before Judge Lewis A. Kaplan. The case is ongoing and a trial date has yet to be set.
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